Bank of England chief economist Andy Haldane says he may vote for a rate rise in the second half of the year. He said leaving a rate hike until too late risks steeper rate rises in the future. Sterling briefly pushed above $1.27 after his comment, having dipped below $1.26 prior to Wednesday's Queen's Speech. Mr Haldane's comments are at odds to those made by Governor Mark Carney. On Tuesday Mr Carney said "now is not yet the time to begin" rate rises.
Britain faces the threat of social unrest as robots take'swathes' of jobs, the Bank of England's chief economist warned today. Andy Haldane said the so-called Fourth Industrial Revolution will see'the machine replacing humans doing thinking things'. He cautioned that the'dark side' of the change could be disruption on a much bigger scale than in Victorian times, with professions such as accountancy among those at risk. The stark message came amid calls for a massive skills drive to find employment for those set to be affected by the next wave of automation. In an interview with BBC Radio 4's Today programme, Mr Haldane said: 'The first three industrial revolutions have been about largely machines replacing humans doing principally manual tasks, whereas the fourth will be different.
The Bank of England has weighed into a debate on the looming impact of AI on our lives, most pertinently the jobs market, by calling for a skills revolution to prevent sections of society from becoming'technologically unemployed'. The bank's chief economist, Andy Haldane, issued his call to action with a prediction that the coming Fourth Industrial Revolution will be of a'much greater scale' than the industrial revolution Britain underwent in the late 18th and early 19th centuries. Haldane fears that a failure to adapt to these changes in good time could augur a period of rising inequality, social tension and a'hollowing out' of employment, and argues for new training to be put into place now to prevent such an eventuality from coming to pass. Speaking to the BBC's Today programme, Haldane said: "This is the dark side of technological revolutions and that dark-side has always been there. "That hollowing out is going to be potentially on a much greater scale in the future, when we have machines both thinking and doing - replacing both the cognitive and the technical skills of humans."
Much of the discussion of the fourth industrial revolution relates to the disruptive impact of artificial intelligence, robotics, biotech, and big data on the world of work and business. It could lead to huge gains in productivity, wealth creation and human happiness. Equally, it may kill millions of jobs, fuel social tensions, and widen inequality. Civil society's place in this massive societal shake-out, reckons Andy Haldane, is relatively unexplored – but it will be profound. Haldane, the Bank of England's chief economist, is regarded as a "maverick" thinker among central bankers on account not only of his views on banking and financial regulation, but society more widely: from poverty ("scarcity of money reshapes your brain and reshapes your decision-making") to the importance of trade unions.
Professor Thors Hans Hansson gives a demonstration, after revealing the winners of the Nobel Prize in physics, at the Royal Swedish Academy of Sciences, in Stockholm, Sweden, Tuesday, Oct. 4, 2016. The Royal Swedish Academy of Sciences has cited David Thouless, Haldane and Michael Kosterlitz for "theoretical discoveries of topological phase transitions and topological phases of matter." The Royal Academy of Sciences members, from left, Professor Nils Martensson, Professor Goran K Hansson and Professor Thomas Hans Hansson reveal the winners of the Nobel Prize in physics, at the Royal Swedish Academy of Sciences, in Stockholm, Sweden, Tuesday, Oct. 4, 2016. The Royal Academy of Sciences members, from left, Professor Nils Martensson, Professor Goran K Hansson and Professor Thomas Hans Hansson reveal the winners of the Nobel Prize in physics, at the Royal Swedish Academy of Sciences, in Stockholm, Sweden, Tuesday, Oct. 4, 2016.